Financials Malaysia Airports Holdings

Equities

AIRPORT

MYL5014OO005

Airport Services

End-of-day quote BURSA MALAYSIA 03:30:00 03/05/2024 am IST 5-day change 1st Jan Change
10.2 MYR +0.79% Intraday chart for Malaysia Airports Holdings 0.00% +38.59%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 12,610 9,822 9,922 10,884 12,281 17,019 - -
Enterprise Value (EV) 1 16,272 13,493 13,651 14,326 12,281 19,333 18,939 19,377
P/E ratio 26.3 x -8.37 x -12 x 83.9 x 25.2 x 23 x 19.5 x 16.3 x
Yield 1.97% - - 0.6% - 2.09% 2.4% 2.83%
Capitalization / Revenue 2.42 x 5.26 x 5.93 x 3.48 x 2.5 x 2.89 x 2.66 x 2.49 x
EV / Revenue 3.12 x 7.23 x 8.16 x 4.58 x 2.5 x 3.28 x 2.96 x 2.84 x
EV / EBITDA 7.1 x 624 x 62 x 12.1 x 5.37 x 7.37 x 6.78 x 6.59 x
EV / FCF 9.93 x -52.5 x 104 x 15.9 x - 12.2 x 11.2 x 10.6 x
FCF Yield 10.1% -1.9% 0.96% 6.28% - 8.22% 8.89% 9.44%
Price to Book 1.35 x 1.21 x 1.37 x 1.46 x - 2.25 x 2.09 x 1.94 x
Nbr of stocks (in thousands) 16,59,192 16,59,192 16,59,192 16,59,192 16,68,554 16,68,554 - -
Reference price 2 7.600 5.920 5.980 6.560 7.360 10.20 10.20 10.20
Announcement Date 28/02/20 26/02/21 28/02/22 28/02/23 29/02/24 - - -
1MYR in Million2MYR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,213 1,866 1,673 3,127 4,914 5,893 6,390 6,824
EBITDA 1 2,292 21.62 220.2 1,186 2,286 2,622 2,793 2,942
EBIT 1 1,350 -588.1 -394.4 349.2 1,137 1,526 1,671 1,792
Operating Margin 25.9% -31.51% -23.58% 11.17% 23.14% 25.89% 26.14% 26.26%
Earnings before Tax (EBT) 1 659.2 -1,764 -1,041 184.6 506.1 971.6 1,153 1,373
Net income 1 537 -1,116 -766.4 187.2 543.2 736.7 878.9 1,047
Net margin 10.3% -59.81% -45.81% 5.99% 11.05% 12.5% 13.75% 15.34%
EPS 2 0.2890 -0.7075 -0.4966 0.0782 0.2917 0.4434 0.5228 0.6269
Free Cash Flow 1 1,639 -257 131.7 900 - 1,589 1,684 1,828
FCF margin 31.44% -13.77% 7.87% 28.78% - 26.96% 26.35% 26.79%
FCF Conversion (EBITDA) 71.51% - 59.78% 75.86% - 60.59% 60.29% 62.16%
FCF Conversion (Net income) 305.18% - - 480.77% - 215.63% 191.58% 174.66%
Dividend per Share 2 0.1500 - - 0.0391 - 0.2131 0.2444 0.2883
Announcement Date 28/02/20 26/02/21 28/02/22 28/02/23 29/02/24 - - -
1MYR in Million2MYR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 461.3 551.3 570.8 689.8 863.6 1,003 1,034 1,232 1,372 1,533 1,563 1,502 1,533 1,649
EBITDA - 166.8 - - - - - - - - - - - -
EBIT 1 -75.06 -65.44 30.46 99.13 172.4 47.25 205.8 312.5 - 391.7 399.5 383.9 391.7 428.4
Operating Margin -16.27% -11.87% 5.34% 14.37% 19.96% 4.71% 19.9% 25.36% - 25.56% 25.56% 25.56% 25.56% 25.98%
Earnings before Tax (EBT) 1 -254.9 -215 - -91.09 -19.13 445.2 - - - 258.4 263.6 253.2 258.4 -
Net income 1 -182.3 -136.7 - -58.15 -9.035 359.1 - - - 187.2 190.9 183.4 187.2 -
Net margin -39.52% -24.8% - -8.43% -1.05% 35.81% - - - 12.21% 12.21% 12.21% 12.21% -
EPS 2 -0.1186 -0.0911 - -0.0437 -0.0142 0.2077 - - - 0.1128 0.1151 0.1106 0.1128 -
Dividend per Share 2 - - - - - 0.0391 - - - - - - 0.3373 -
Announcement Date 29/11/21 28/02/22 30/05/22 25/08/22 29/11/22 28/02/23 30/05/23 24/08/23 29/02/24 - - - - -
1MYR in Million2MYR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,662 3,671 3,729 3,442 - 2,313 1,919 2,358
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.598 x 169.8 x 16.93 x 2.901 x - 0.8824 x 0.6873 x 0.8015 x
Free Cash Flow 1 1,639 -257 132 900 - 1,589 1,684 1,828
ROE (net income / shareholders' equity) 5.82% -12.8% -9.98% 2.55% - 9.97% 11.3% 12.4%
ROA (Net income/ Total Assets) 2.42% -5.26% -3.79% 1% - 4.1% 4.77% 5.7%
Assets 1 22,228 21,231 20,221 18,720 - 17,969 18,438 18,365
Book Value Per Share 2 5.620 4.880 4.370 4.480 - 4.540 4.870 5.260
Cash Flow per Share 2 1.280 -0.0400 0.1600 0.6300 - 1.210 1.440 1.520
Capex 1 490 190 139 140 - 923 974 766
Capex / Sales 9.4% 10.17% 8.33% 4.47% - 15.65% 15.25% 11.23%
Announcement Date 28/02/20 26/02/21 28/02/22 28/02/23 29/02/24 - - -
1MYR in Million2MYR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
10.2 MYR
Average target price
9.883 MYR
Spread / Average Target
-3.11%
Consensus
  1. Stock Market
  2. Equities
  3. AIRPORT Stock
  4. Financials Malaysia Airports Holdings